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The Willis Pension Scheme
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Senior Members
 
 
Special benefits for senior members
 
A Senior Member is defined as someone who attained grade 11 before 1 July 2001 or who attained grade 13 on or after 1 July 2001 and before 1 April 2008.
 
Senior Members appointed on or after 1 July 2001 have one additional benefit which is the right to draw the benefits accrued between the date they became Senior Members and 1 July 2011 from their 60th birthday without an actuarial reduction.
 
Senior Members appointed prior to 1 July 2001 receive three additional benefits:
  • Normal Pension Date is the 60th birthday. Special arrangements applied to those over age 55 when they became Senior Members.
    However, benefits that accrued after 1 July 2011 will be subject to an adjustment factor if they come into payment at age 60, which adjusts the benefit to the amount it would have been if the Normal Retirement age for this portion of benefit was age 65.
  • A Special Service Credit applied for members graded below 11 on joining the Group. On promotion potential service reduced in line with the reduction in Normal Pension Date and this lower service would normally be reflected in a lower pension. To avoid this, a Special Service Credit was granted equal to the period between the old and the new Normal Pension Date. This had the effect of maintaining Target Percentage at the same rate as applied before the promotion. Special Service Credit is earned evenly over Pensionable Service. On leaving or retiring early, the credit would be reduced by the ratio of actual to total potential service. The credit applies only to those who become Senior Members by promotion. It does not apply to those employed at grade 11 or above on entry to the Scheme.
  • Senior Members receive a temporary Bridging Pension in addition to the standard benefits on retirement prior to State pension age. The Bridging Pension is designed to compensate for some of the inequalities that exist under the State pension system. The Bridging Pension is payable until State pension age or earlier death. 
  • The Bridging Pension is calculated at the date of retirement or leaving according to the following formula:

 

For those who became Senior Members on or after 17 May 1990:Single person’s basic State pension × Pensionable Service ÷ 44.
For those who became Senior Members before 17 May 1990:Single person’s basic State pension × Pensionable Service ÷ potential service.
 
 
On retirement before Normal Pension Date the Bridging Pension will be reduced by a factor to reflect early payment.
 
Key notes:
  • Special Service Credit does not count towards the calculation of Bridging Pension. 

  • State pension age is explained here. 

  • The single person's basic state pension for the 2021/22 tax year is £7,155.20 per annum. It is expected that the basic state pension will increase in line with the Retail Prices Index in future years.

  • Once in payment, Bridging Pension will increase in line with the increase in the basic State pension. 

  • Bridging Pension ends on death prior to State pension age. 

  • Senior Members who are also former Willis Faber Members will receive an addition to the Bridging Pension of an amount equivalent to the SERPS Offset.
 
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